An online car selling startup receives Series A £2.5m funding from Hambro Perks
tootle, coined as the ‘efficient’ way to sell your car online, has just closed a Series A £2.5m investment round led by Hambro Perks, which brings the total amount raised for tootle to £4.3m.
Hambro Perks, a company builder, invests in fast-growing companies that backs people with ‘a clear vision and high energy’. This raise will go towards continued growth in the used car market and expanding tootle’s dealer network, as well as the development of new technology.
Launched in 2016, tootle offers a platform for people to sell used cars free of charge. The business’ network of dealers bid to buy cars without associated auction fees, whilst the consumer is able to achieve prices from a professional dealer.
The company’s CEO, Gordon Tulloch, commented: “’The additional funding allows tootle to enter another exciting phase of growth through technical optimisation and partnership development.
“With new product lines of car insurance together with new [and] nearly-new car consumer offerings planned and overseas operations scheduled in 2017, the close collaboration with Hambro Perks has enabled tootle to not only raise funds but have access to professional services and guidance which is essential to any early stage growth business.
“The ability to have the right tootle team that have strong experience in the auto sector together with real financial backing make for fast growth for tootle.”
tootle sells a variety of cars including Minis, Range Rovers and Ferraris across the UK. On average, a seller could save five to 10 per cent more than from a traditional car buying service.
The company’s website and app are free when advertising and selling vehicles, and all of those undergo an automated provenance check by Experian. To date, the company has sold over £21m worth of cars.
Dominic Perks, CEO and co-founder of Hambro Perks, added: ‘tootle is an increasingly reliable platform that is reinventing used car sales. We’ve been working with tootle for some time now and have seen the company grow from strength to strength. Hambro Perks is delighted to be involved in what should become a trusted consumer champion brand.“